PPF Account Benefits | PPF Account - Public Provident Fund

About This Video :

A PPF (Public Provident Fund) account is a government-backed long-term savings scheme in India, aimed at promoting savings among the public while providing tax benefits. Here’s a breakdown of the key features:

Key Features of PPF:
Interest Rate:

The interest rate is set by the government, and it is generally higher than that of regular savings accounts. Interest is compounded annually and credited to the account at the end of each financial year.

Tenure:

The PPF has a minimum tenure of 15 years, which can be extended in blocks of 5 years after maturity.

Minimum and Maximum Contribution:

Minimum contribution: ₹500 per year.

Maximum contribution: ₹1.5 lakh per year (in a financial year).

Tax Benefits:

Exempt, Exempt, Exempt (EEE) Status: Contributions to the PPF account qualify for tax deduction under Section 80C of the Income Tax Act (up to ₹1.5 lakh per annum).

The interest earned on the PPF account is tax-free.

The maturity amount is also tax-free.

Loan Facility:

You can take a loan against the balance in your PPF account from the 3rd financial year to the 6th year.

The loan amount can be up to 25% of the balance at the end of the 2nd year before the loan.

Partial Withdrawals:

Partial withdrawals are allowed after the 6th year, subject to certain conditions. The total amount that can be withdrawn is capped based on the balance in the account.

Nomination:

You can nominate a person to receive the funds in case of your death.

Premature Closure:

The PPF account cannot be closed prematurely except in certain conditions like death or serious illness, after the 5th year of the account.

How to Open a PPF Account:
Where to Open: PPF accounts can be opened at designated post offices or at most banks in India (both private and public).

Documents Required: Identity proof (Aadhar card, passport, etc.), address proof, photographs, and a completed application form.

Things to Remember:
The account has to be opened and operated individually (no joint accounts allowed).

The government can change the interest rate, but the rate remains fixed for the entire year.

While you can invest more than ₹1.5 lakh in a year, the excess amount will not earn interest or qualify for tax benefits.





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